Industrial Edge Computing Market - Forecast(2024 - 2030)

Industrial Edge Computing Market size is estimated to reach $11.5 billion by 2030, growing at a CAGR of 12.5% during the forecast period 2024-2030. The robust growth of IoT devices, surging demand for low-latency processing, and the rapid adoption of 5G technology are propelling the Industrial Edge Computing Market growth. There is a growing emphasis on integrating edge computing capabilities with IIoT devices and systems. This integration enhances the efficiency of industrial processes by enabling local data processing, analysis, and decision-making. It also helps in optimizing bandwidth usage and reducing the burden on central data centers. Additionally, the growing demand for remote monitoring and control is creating substantial growth opportunities for the Industrial Edge Computing Market. These factors positively influence the Industrial Edge Computing industry outlook during the forecast period.

Market Snapshot:
Industrial Edge Computing Market - Report Coverage:

The “Industrial Edge Computing Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Industrial Edge Computing Market.

COVID-19 /Ukraine Crisis - Impact Analysis:

●        The COVID-19 pandemic had a notable impact on the Industrial Edge Computing market. With supply chain disruptions and restrictions on movement, industries turned to edge computing for localized data processing and improved resilience. Remote monitoring and predictive maintenance solutions gained traction as companies sought to optimize operations and reduce on-site personnel. Additionally, the pandemic accelerated digital transformation, leading to increased adoption of edge computing to support remote work and ensure business continuity.

●        The Ukrainian crisis had notable implications for the Industrial Edge Computing market. Geopolitical tensions and economic uncertainties in the region disrupted supply chains and affected businesses globally. Companies heavily reliant on Ukrainian technology providers faced challenges, potentially leading to delays or disruptions in edge computing projects. Furthermore, the crisis brought renewed attention to data security and the need for localized processing in critical industries.

Key Takeaways:

●       Fastest Growth Asia-Pacific Region : Geographically, in the global Industrial Edge Computing Market share, Asia Pacific is analyzed to grow with the highes CAGR of 15.2% during the forecast period 2024-2030. The Increasing industrialization, rapid adoption of IoT and Industry 4.0 technologies, and rising demand for real-time data processing have driven the need for edge computing solutions in the region. Moreover, the deployment of 5G networks has enhanced the connectivity and enabled seamless data transmission, further boosting the adoption of edge computing in various industries across the Asia-Pacific region.

●       Asset Tracking is Leading the Market : According to the Industrial Edge Computing Market forecast, the Asset Tracking held the largest market share of 25.2% in 2023 owing to its wide-ranging applications and benefits. The ability to monitor and manage assets in real-time using edge computing solutions has become a critical requirement for industries seeking operational efficiency and cost optimization. Asset tracking solutions provide insights into asset location, utilization, and health, enabling better resource allocation and preventive maintenance.

●        The Robust Growth of IoT Devices : With an ever-increasing number of interconnected devices and sensors in various industries, there is a tremendous surge in data generation at the edge of the network. Edge computing addresses the need for real-time data processing, enabling rapid insights and decision-making. By processing data closer to the source, edge computing reduces latency, optimizes bandwidth usage, and enhances overall system efficiency. This critical synergy between IoT devices and edge computing solutions is propelling the industrial sector's adoption of edge computing technologies.

●       The Surging Demand for Low-Latency Processing : Industries increasingly rely on real-time data analysis for critical applications such as industrial automation, autonomous systems, and remote monitoring. Edge computing brings data processing closer to the source, reducing the time it takes to analyze and act on data. This capability is crucial for applications that require immediate response and minimal delay. As the need for low-latency processing grows, industrial sectors are turning to edge computing solutions to meet these demands, driving the widespread adoption of edge computing technologies in the market.

●       High Costs of Edge Computing Solutions Hamper the Market Growth : Implementing edge computing infrastructure and deploying edge devices can involve substantial upfront investments, which may deter some businesses from adopting these solutions. Additionally, maintenance and management costs further add to the overall expense. Industries, especially small and medium-sized enterprises (SMEs), may find it financially burdensome to adopt edge computing despite its benefits. Addressing the cost barriers and offering cost-effective solutions could encourage wider adoption and unlock the full potential of the industrial edge computing market.

                                   Industrial Edge Computing Market Share (%) By Region, 2022

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Industrial Edge Computing Market. The top 10 companies in this industry are listed below

1. Amazon Web Services, Inc. (AWS IoT Greengrass, AWS Wavelength)
2. Google Cloud Platform(Google Cloud Edge TPU, Google Cloud IoT Edge)
3. Microsoft Azure (Azure IoT Edge, Azure Stack Edge)
4. International Business Machines Corporation (IBM Edge Gateway)
5. Cisco Systems, Inc.(Cisco Kinetic for Edge, Cisco IOx)
6. Hewlett Packard Enterprise Company(HPE Edgeline Converged Edge Systems)
7. Dell Inc.(Dell Edge Gateway, Dell Edge Insights)
8. Intel Corporation (Intel® Distribution of OpenVINO™ toolkit)
9. Advantech Co Ltd (Advantech EdgeNode, Advantech EdgeVisor)
10. Kontron AG (Kontron EdgeBox, Kontron Edge Device Manager)

Scope of the Report: